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Share Name | Share Symbol | Market | Type |
---|---|---|---|
QuickLogic Corporation | NASDAQ:QUIK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.35 | -8.73% | 14.11 | 14.00 | 15.93 | 15.4291 | 13.78 | 15.37 | 446,653 | 21:00:13 |
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FORM 10-Q
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[x]
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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QUICKLOGIC CORPORATION
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(Exact name of registrant as specified in its charter)
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DELAWARE
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77-0188504
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Large accelerated filer
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[ ]
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Accelerated Filer
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[x]
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Non-accelerated filer
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[ ] (Do not check if a smaller reporting company)
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Smaller Reporting Company
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[ ]
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Page
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July 3,
2016 |
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January 3,
2016 |
||||
ASSETS
|
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|
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Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
18,970
|
|
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$
|
19,136
|
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Accounts receivable, net of allowances for doubtful accounts of $0 in both periods
|
1,485
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|
|
1,601
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|
||
Inventories
|
2,318
|
|
|
2,878
|
|
||
Other current assets
|
983
|
|
|
1,312
|
|
||
Total current assets
|
23,756
|
|
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24,927
|
|
||
Property and equipment, net
|
3,090
|
|
|
3,315
|
|
||
Other assets
|
307
|
|
|
219
|
|
||
TOTAL ASSETS
|
$
|
27,153
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$
|
28,461
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LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
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|
||||
Current liabilities:
|
|
|
|
|
|
||
Trade payables
|
$
|
1,537
|
|
|
$
|
4,032
|
|
Accrued liabilities
|
1,434
|
|
|
1,482
|
|
||
Current portion of capital lease obligations
|
142
|
|
|
281
|
|
||
Total current liabilities
|
3,113
|
|
|
5,795
|
|
||
Long-term liabilities:
|
|
|
|
|
|
||
Revolving line of credit
|
4,000
|
|
|
2,000
|
|
||
Capital lease obligations, less current portion
|
109
|
|
|
208
|
|
||
Other long-term liabilities
|
120
|
|
|
133
|
|
||
Total liabilities
|
7,342
|
|
|
8,136
|
|
||
Commitments and contingencies (see Note 12)
|
|
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|
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Stockholders' equity:
|
|
|
|
|
|||
Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value; 100,000 shares authorized; 67,768 and 56,904 shares issued and outstanding, respectively
|
68
|
|
|
57
|
|
||
Additional paid-in capital
|
251,166
|
|
|
241,024
|
|
||
Accumulated deficit
|
(231,423
|
)
|
|
(220,756
|
)
|
||
Total stockholders' equity
|
19,811
|
|
|
20,325
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
27,153
|
|
|
$
|
28,461
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
July 3,
2016 |
|
June 28,
2015 |
|
July 3, 2016
|
|
June 28, 2015
|
||||||||
Revenue
|
$
|
2,717
|
|
|
$
|
4,973
|
|
|
$
|
5,667
|
|
|
$
|
11,132
|
|
Cost of revenue
|
1,941
|
|
|
2,830
|
|
|
3,735
|
|
|
6,110
|
|
||||
Gross profit
|
776
|
|
|
2,143
|
|
|
1,932
|
|
|
5,022
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Research and development
|
3,683
|
|
|
3,493
|
|
|
7,130
|
|
|
6,970
|
|
||||
Selling, general and administrative
|
2,591
|
|
|
2,690
|
|
|
5,284
|
|
|
5,650
|
|
||||
Restructuring costs
|
—
|
|
|
169
|
|
|
—
|
|
|
169
|
|
||||
Total operating expenses
|
6,274
|
|
|
6,352
|
|
|
12,414
|
|
|
12,789
|
|
||||
Loss from operations
|
(5,498
|
)
|
|
(4,209
|
)
|
|
(10,482
|
)
|
|
(7,767
|
)
|
||||
Interest expense
|
(34
|
)
|
|
(15
|
)
|
|
(72
|
)
|
|
(29
|
)
|
||||
Interest income and other expense, net
|
(15
|
)
|
|
(33
|
)
|
|
(22
|
)
|
|
(59
|
)
|
||||
Loss before income taxes
|
(5,547
|
)
|
|
(4,257
|
)
|
|
(10,576
|
)
|
|
(7,855
|
)
|
||||
Provision for income taxes
|
27
|
|
|
21
|
|
|
91
|
|
|
61
|
|
||||
Net loss
|
$
|
(5,574
|
)
|
|
$
|
(4,278
|
)
|
|
$
|
(10,667
|
)
|
|
$
|
(7,916
|
)
|
Net loss per share:
|
|
|
|
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|
|
|
|
||||||
Basic
|
$
|
(0.08
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.14
|
)
|
Diluted
|
$
|
(0.08
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.14
|
)
|
Weighted average shares:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
67,415
|
|
|
56,359
|
|
|
62,893
|
|
|
56,275
|
|
||||
Diluted
|
67,415
|
|
|
56,359
|
|
|
62,893
|
|
|
56,275
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
July 3,
2016 |
|
June 28,
2015 |
|
July 3,
2016 |
|
June 28,
2015 |
||||||||
Net loss
|
$
|
(5,574
|
)
|
|
$
|
(4,278
|
)
|
|
$
|
(10,667
|
)
|
|
$
|
(7,916
|
)
|
Total other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total comprehensive loss
|
$
|
(5,574
|
)
|
|
$
|
(4,278
|
)
|
|
$
|
(10,667
|
)
|
|
$
|
(7,916
|
)
|
|
Six Months Ended
|
||||||
|
July 3,
2016 |
|
June 28,
2015 |
||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net loss
|
$
|
(10,667
|
)
|
|
$
|
(7,916
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
631
|
|
|
727
|
|
||
Shares issued to third parties for services provided
|
78
|
|
|
—
|
|
||
Stock-based compensation
|
923
|
|
|
988
|
|
||
Write-down of inventories
|
235
|
|
|
13
|
|
||
Write-off of equipment
|
312
|
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Accounts receivable
|
116
|
|
|
(45
|
)
|
||
Inventories
|
325
|
|
|
1,938
|
|
||
Other assets
|
357
|
|
|
409
|
|
||
Trade payables
|
(1,816
|
)
|
|
(533
|
)
|
||
Accrued liabilities and deferred revenue
|
(43
|
)
|
|
617
|
|
||
Other long-term liabilities
|
(13
|
)
|
|
79
|
|
||
Net cash used in operating activities
|
(9,562
|
)
|
|
(3,723
|
)
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Capital expenditures for property and equipment
|
(1,513
|
)
|
|
(163
|
)
|
||
Net cash used in investing activities
|
(1,513
|
)
|
|
(163
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Payment of debt and capital lease obligations
|
(238
|
)
|
|
(158
|
)
|
||
Proceeds from line of credit
|
2,000
|
|
|
—
|
|
||
Proceeds from issuance of common stock
|
10,344
|
|
|
409
|
|
||
Stock issuance costs
|
(1,197
|
)
|
|
—
|
|
||
Net cash provided by financing activities
|
10,909
|
|
|
251
|
|
||
Net decrease in cash and cash equivalents
|
(166
|
)
|
|
(3,635
|
)
|
||
Cash and cash equivalents at beginning of period
|
19,136
|
|
|
30,050
|
|
||
Cash and cash equivalents at end of period
|
$
|
18,970
|
|
|
$
|
26,415
|
|
|
|
|
|
||||
Supplemental schedule of non-cash investing and financing activities :
|
|
|
|
|
|
||
Capital lease obligation to finance capital expenditures
|
$
|
251
|
|
|
$
|
258
|
|
Purchase of equipment included in accounts payable
|
$
|
8
|
|
|
$
|
36
|
|
|
As of
|
||||||
|
July 3,
2016 |
|
January 3,
2016 |
||||
|
(in thousands)
|
||||||
Inventories:
|
|
|
|
||||
Raw materials
|
$
|
—
|
|
|
$
|
—
|
|
Work-in-process
|
989
|
|
|
1,720
|
|
||
Finished goods
|
1,329
|
|
|
1,158
|
|
||
|
$
|
2,318
|
|
|
$
|
2,878
|
|
Other current assets:
|
|
|
|
||||
Prepaid expenses
|
$
|
864
|
|
|
$
|
1,184
|
|
Other
|
119
|
|
|
128
|
|
||
|
$
|
983
|
|
|
$
|
1,312
|
|
Property and equipment:
|
|
|
|
||||
Equipment
|
$
|
14,189
|
|
|
$
|
14,531
|
|
Software
|
3,162
|
|
|
3,114
|
|
||
Furniture and fixtures
|
129
|
|
|
131
|
|
||
Leasehold improvements
|
714
|
|
|
714
|
|
||
|
18,194
|
|
|
18,490
|
|
||
Accumulated depreciation and amortization
|
(15,104
|
)
|
|
(15,175
|
)
|
||
|
$
|
3,090
|
|
|
$
|
3,315
|
|
|
|
|
|
||||
Accrued liabilities:
|
|
|
|
||||
Employee related accruals
|
$
|
1,134
|
|
|
$
|
1,237
|
|
Other
|
300
|
|
|
245
|
|
||
|
$
|
1,434
|
|
|
$
|
1,482
|
|
|
As of
|
||||||
|
July 3,
2016 |
|
January 3,
2016 |
||||
|
(in thousands)
|
||||||
Debt and capital lease obligations:
|
|
|
|
|
|
||
Revolving line of credit
|
$
|
4,000
|
|
|
$
|
2,000
|
|
Capital leases
|
251
|
|
|
489
|
|
||
|
4,251
|
|
|
2,489
|
|
||
Current portion of debt and capital lease obligations
|
(142
|
)
|
|
(281
|
)
|
||
Long term portion of debt and capital lease obligations
|
$
|
4,109
|
|
|
$
|
2,208
|
|
•
|
Level 1
– Inputs are quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2
– Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data.
|
•
|
Level 3
– Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.
|
|
July 3, 2016
|
|
January 3, 2016
|
||||||||||||||||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Money market funds
(1)
|
$
|
18,249
|
|
|
$
|
1,146
|
|
|
$
|
17,103
|
|
|
$
|
—
|
|
|
$
|
18,021
|
|
|
$
|
2,137
|
|
|
$
|
15,884
|
|
|
$
|
—
|
|
Total assets
|
$
|
18,249
|
|
|
$
|
1,146
|
|
|
$
|
17,103
|
|
|
$
|
—
|
|
|
$
|
18,021
|
|
|
$
|
2,137
|
|
|
$
|
15,884
|
|
|
$
|
—
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
July 3,
2016 |
|
June 28,
2015 |
|
July 3,
2016 |
|
June 28,
2015 |
||||||||
Cost of revenue
|
$
|
47
|
|
|
$
|
27
|
|
|
$
|
85
|
|
|
$
|
66
|
|
Research and development
|
175
|
|
|
212
|
|
|
466
|
|
|
403
|
|
||||
Selling, general and administrative
|
217
|
|
|
252
|
|
|
450
|
|
|
519
|
|
||||
Total costs and expenses
|
$
|
439
|
|
|
$
|
491
|
|
|
$
|
1,001
|
|
|
$
|
988
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
July 3,
2016 |
|
June 28,
2015 |
|
July 3,
2016 |
|
June 28,
2015 |
||||
Expected term (years)
|
0
|
|
|
0
|
|
|
0
|
|
|
4.78
|
|
Risk-free interest rate
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
1.40
|
%
|
Expected volatility
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
52.11
|
%
|
Expected dividend yield
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Shares
Available for Grant
|
|
|
(in thousands)
|
|
Balance at January 03, 2016
|
2,929
|
|
Options forfeited or expired
|
373
|
|
RSUs granted
|
(612
|
)
|
PRSUs granted
|
(193
|
)
|
RSUs forfeited or expired
|
159
|
|
PRSUs forfeited or expired
|
201
|
|
Balance at July 3, 2016
|
2,857
|
|
|
Number of Shares
|
|
Weighted
Average Exercise
Price
|
|
Weighted
Average
Remaining Term
|
|
Aggregate
Intrinsic Value
|
|||||
|
(in thousands)
|
|
|
|
(in years)
|
|
(in thousands)
|
|||||
Balance outstanding at January 3, 2016
|
5,266
|
|
|
$
|
2.64
|
|
|
|
|
|
||
Forfeited or expired
|
(373
|
)
|
|
$
|
2.74
|
|
|
|
|
|
||
Balance outstanding at July 3, 2016
|
4,893
|
|
|
$
|
2.63
|
|
|
3.82
|
|
$
|
17
|
|
Exercisable at July 3, 2016
|
4,542
|
|
|
$
|
2.62
|
|
|
3.50
|
|
$
|
17
|
|
Vested and expected to vest at July 3, 2016
|
4,838
|
|
|
$
|
2.63
|
|
|
3.77
|
|
$
|
17
|
|
|
RSUs & PRSUs Outstanding
|
|||||
|
Number of Shares
|
|
Weighted Average
Grant Date Fair Value
|
|||
|
(in thousands)
|
|
|
|||
Nonvested at January 3, 2016
|
1,435
|
|
|
$
|
2.30
|
|
Granted
|
805
|
|
|
1.11
|
|
|
Vested
|
(442
|
)
|
|
1.04
|
|
|
Forfeited
|
(360
|
)
|
|
—
|
|
|
Nonvested at July 3, 2016
|
1,438
|
|
|
$
|
2.08
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
July 3,
2016 |
|
June 28,
2015 |
|
July 3,
2016 |
|
June 28,
2015 |
||||
Expected term (months)
|
6.08
|
|
|
6.08
|
|
|
6.08
|
|
|
6.08
|
|
Risk-free interest rate
|
0.40
|
%
|
|
0.08
|
%
|
|
1.04
|
%
|
|
0.08
|
%
|
Volatility
|
54.31
|
%
|
|
51.54
|
%
|
|
61.06
|
%
|
|
51.54
|
%
|
Dividend yield
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
July 3,
2016 |
|
June 28,
2015 |
|
July 3, 2016
|
|
June 28,
2015 |
||||||||
Revenue by product line
(1)
:
|
|
|
|
|
|
|
|
|
|
||||||
New products
|
$
|
1,197
|
|
|
$
|
2,953
|
|
|
$
|
2,689
|
|
|
$
|
7,097
|
|
Mature products
|
1,520
|
|
|
2,020
|
|
|
2,978
|
|
|
4,035
|
|
||||
Total revenue
|
$
|
2,717
|
|
|
$
|
4,973
|
|
|
$
|
5,667
|
|
|
$
|
11,132
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
July 3,
2016 |
|
June 28,
2015 |
|
July 3, 2016
|
|
June 28, 2015
|
||||||||
Revenue by geography:
|
|
|
|
|
|
|
|
|
|
||||||
Asia Pacific
(1)
|
$
|
1,779
|
|
|
$
|
3,482
|
|
|
$
|
3,506
|
|
|
$
|
7,290
|
|
North America
(2)
|
638
|
|
|
1,087
|
|
|
1,457
|
|
|
2,929
|
|
||||
Europe
|
300
|
|
|
404
|
|
|
704
|
|
|
913
|
|
||||
Total revenue
|
$
|
2,717
|
|
|
$
|
4,973
|
|
|
$
|
5,667
|
|
|
$
|
11,132
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
July 3,
2016 |
|
June 28,
2015 |
|
July 3, 2016
|
|
June 28, 2015
|
||||
Distributor "A"
|
31
|
%
|
|
24
|
%
|
|
30
|
%
|
|
27
|
%
|
Customer "B"
|
17
|
%
|
|
14
|
%
|
|
18
|
%
|
|
15
|
%
|
Customer "G"
|
31
|
%
|
|
41
|
%
|
|
33
|
%
|
|
40
|
%
|
|
July 3,
2016 |
|
January 3,
2016 |
||
Distributor "A"
|
44
|
%
|
|
24
|
%
|
Distributor “B”
|
*
|
|
|
11
|
%
|
Distributor "G"
|
13
|
%
|
|
11
|
%
|
Customer "G"
|
20
|
%
|
|
20
|
%
|
Customer "H"
|
*
|
|
|
11
|
%
|
*
|
Represents less than 10% of accounts receivable as of the date presented.
|
|
Operating
Leases
|
||
|
(in thousands)
|
||
Fiscal Years
|
|
|
|
2016 (Remaining 6 months)
|
$
|
424
|
|
2017
|
793
|
|
|
2018
|
798
|
|
|
2019
|
164
|
|
|
2020
|
169
|
|
|
2021
|
84
|
|
|
|
$
|
2,432
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||
|
July 3,
2016 |
June 28,
2015 |
|
July 3,
2016 |
June 28,
2015 |
||||
Revenue
|
100
|
%
|
100
|
%
|
|
100
|
%
|
100
|
%
|
Cost of revenue
|
71
|
%
|
57
|
%
|
|
66
|
%
|
55
|
%
|
Gross profit
|
29
|
%
|
43
|
%
|
|
34
|
%
|
45
|
%
|
Operating expenses:
|
|
|
|
|
|
||||
Research and development
|
136
|
%
|
70
|
%
|
|
126
|
%
|
63
|
%
|
Selling, general and administrative
|
95
|
%
|
54
|
%
|
|
93
|
%
|
51
|
%
|
Restructuring Costs
|
—
|
%
|
3
|
%
|
|
—
|
%
|
2
|
%
|
Loss from operations
|
(202
|
)%
|
(85
|
)%
|
|
(185
|
)%
|
(70
|
)%
|
|
|
|
|
|
|
||||
Interest expense
|
(1
|
)%
|
—
|
%
|
|
(1
|
)%
|
—
|
%
|
Interest income and other expense, net
|
(1
|
)%
|
(1
|
)%
|
|
—
|
%
|
(1
|
)%
|
Loss before income taxes
|
(204
|
)%
|
(86
|
)%
|
|
(187
|
)%
|
(71
|
)%
|
Provision for income taxes
|
1
|
%
|
—
|
%
|
|
2
|
%
|
—
|
%
|
Net loss
|
(205
|
)%
|
(86
|
)%
|
|
(188
|
)%
|
(71
|
)%
|
|
Three Months Ended
|
|
|
|
|
|||||||||||||||
|
July 3, 2016
|
|
June 28, 2015
|
|
Change
|
|||||||||||||||
|
Amount
|
|
% of Total
Revenues
|
|
Amount
|
|
% of Total
Revenues
|
|
Amount
|
|
Percentage
|
|||||||||
Revenue by product line
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
New products
|
$
|
1,197
|
|
|
44
|
%
|
|
$
|
2,953
|
|
|
59
|
%
|
|
$
|
(1,756
|
)
|
|
(59
|
)%
|
Mature products
|
1,520
|
|
|
56
|
%
|
|
2,020
|
|
|
41
|
%
|
|
(500
|
)
|
|
(25
|
)%
|
|||
Total revenue
|
$
|
2,717
|
|
|
100
|
%
|
|
$
|
4,973
|
|
|
100
|
%
|
|
$
|
(2,256
|
)
|
|
(45
|
)%
|
|
Three Months Ended
|
|
|
|
|
|||||||||||||||
|
July 3, 2016
|
|
June 28, 2015
|
|
Change
|
|||||||||||||||
|
Amount
|
|
% of Total
Revenues
|
|
Amount
|
|
% of Total
Revenues
|
|
Amount
|
|
Percentage
|
|||||||||
Revenue
|
$
|
2,717
|
|
|
100
|
%
|
|
$
|
4,973
|
|
|
100
|
%
|
|
$
|
(2,256
|
)
|
|
(45
|
)%
|
Cost of revenue
|
1,941
|
|
|
71
|
%
|
|
2,830
|
|
|
57
|
%
|
|
(889
|
)
|
|
(31
|
)%
|
|||
Gross Profit
|
$
|
776
|
|
|
29
|
%
|
|
$
|
2,143
|
|
|
43
|
%
|
|
$
|
(1,367
|
)
|
|
(14
|
)%
|
|
Three Months Ended
|
|
|
|
|
|||||||||||||||
|
July 3, 2016
|
|
June 28, 2015
|
|
Change
|
|||||||||||||||
|
Amount
|
|
% of Total
Revenues
|
|
Amount
|
|
% of Total
Revenues
|
|
Amount
|
|
Percentage
|
|||||||||
R&D expense
|
$
|
3,683
|
|
|
136
|
%
|
|
$
|
3,493
|
|
|
70
|
%
|
|
$
|
190
|
|
|
5
|
%
|
SG&A expense
|
2,591
|
|
|
95
|
%
|
|
2,690
|
|
|
54
|
%
|
|
(99
|
)
|
|
(4
|
)%
|
|||
Restructuring charges
|
—
|
|
|
—
|
%
|
|
169
|
|
|
3
|
%
|
|
(169
|
)
|
|
100
|
%
|
|||
Total operating expenses
|
$
|
6,274
|
|
|
231
|
%
|
|
$
|
6,352
|
|
|
127
|
%
|
|
$
|
(78
|
)
|
|
(1
|
)%
|
|
Three Months Ended
|
|
Change
|
|||||||||||
|
July 3,
2016 |
|
June 28,
2015 |
|
Amount
|
|
Percentage
|
|||||||
Interest expense
|
$
|
(34
|
)
|
|
$
|
(15
|
)
|
|
$
|
19
|
|
|
(127
|
)%
|
Interest income and other expense, net
|
(15
|
)
|
|
(33
|
)
|
|
(18
|
)
|
|
55
|
%
|
|||
|
$
|
(49
|
)
|
|
$
|
(48
|
)
|
|
$
|
1
|
|
|
(2
|
)%
|
|
Three Months Ended
|
|
Change
|
|||||||||||
|
July 3,
2016 |
|
June 28,
2015 |
|
Amount
|
|
Percentage
|
|||||||
Provision for income taxes
|
$
|
27
|
|
|
$
|
21
|
|
|
$
|
6
|
|
|
29
|
%
|
|
Six Months Ended
|
|
|
|
|
|||||||||||||||
|
July 3, 2016
|
|
June 28, 2015
|
|
Change
|
|||||||||||||||
|
Amount
|
|
% of Total
Revenues
|
|
Amount
|
|
% of Total
Revenues
|
|
Amount
|
|
Percentage
|
|||||||||
Revenue by product line
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
New products
|
$
|
2,689
|
|
|
47
|
%
|
|
$
|
7,097
|
|
|
64
|
%
|
|
$
|
(4,408
|
)
|
|
(62
|
)%
|
Mature products
|
2,978
|
|
|
53
|
%
|
|
4,035
|
|
|
36
|
%
|
|
(1,057
|
)
|
|
(26
|
)%
|
|||
Total revenue
|
$
|
5,667
|
|
|
100
|
%
|
|
$
|
11,132
|
|
|
100
|
%
|
|
$
|
(5,465
|
)
|
|
(49
|
)%
|
|
Six Months Ended
|
|
|
|
|
|||||||||||||||
|
July 3, 2016
|
|
June 28, 2015
|
|
Change
|
|||||||||||||||
|
Amount
|
|
% of Total
Revenues
|
|
Amount
|
|
% of Total
Revenues
|
|
Amount
|
|
Percentage
|
|||||||||
Revenue
|
$
|
5,667
|
|
|
100
|
%
|
|
$
|
11,132
|
|
|
100
|
%
|
|
$
|
(5,465
|
)
|
|
(49
|
)%
|
Cost of revenue
|
3,735
|
|
|
66
|
%
|
|
6,110
|
|
|
55
|
%
|
|
(2,375
|
)
|
|
(39
|
)%
|
|||
Gross Profit
|
$
|
1,932
|
|
|
34
|
%
|
|
$
|
5,022
|
|
|
45
|
%
|
|
$
|
(3,090
|
)
|
|
(11
|
)%
|
|
Six Months Ended
|
|
|
|
|
|||||||||||||||
|
July 3, 2016
|
|
June 28, 2015
|
|
Change
|
|||||||||||||||
|
Amount
|
|
% of Total
Revenues
|
|
Amount
|
|
% of Total
Revenues
|
|
Amount
|
|
Percentage
|
|||||||||
R&D expense
|
$
|
7,130
|
|
|
126
|
%
|
|
$
|
6,970
|
|
|
63
|
%
|
|
$
|
160
|
|
|
2
|
%
|
SG&A expense
|
5,284
|
|
|
93
|
%
|
|
5,650
|
|
|
51
|
%
|
|
(366
|
)
|
|
(6
|
)%
|
|||
Restructuring charges
|
—
|
|
|
—
|
%
|
|
169
|
|
|
2
|
%
|
|
(169
|
)
|
|
100
|
%
|
|||
Total operating expenses
|
$
|
12,414
|
|
|
219
|
%
|
|
$
|
12,789
|
|
|
116
|
%
|
|
$
|
(375
|
)
|
|
(3
|
)%
|
|
Six Months Ended
|
|
Change
|
|||||||||||
|
July 3,
2016 |
|
June 28,
2015 |
|
Amount
|
|
Percentage
|
|||||||
Interest expense
|
$
|
(72
|
)
|
|
$
|
(29
|
)
|
|
$
|
(43
|
)
|
|
148
|
%
|
Interest income and other expense, net
|
(22
|
)
|
|
(59
|
)
|
|
37
|
|
|
(63
|
)%
|
|||
|
$
|
(94
|
)
|
|
$
|
(88
|
)
|
|
$
|
(6
|
)
|
|
7
|
%
|
|
Six Months Ended
|
|
Change
|
|||||||||||
|
July 3,
2016 |
|
June 28,
2015 |
|
Amount
|
|
Percentage
|
|||||||
Provision for income taxes
|
$
|
91
|
|
|
$
|
61
|
|
|
$
|
30
|
|
|
49
|
%
|
|
Six Months Ended
|
||||||
|
July 3,
2016 |
|
June 28,
2015 |
||||
Net cash (used in) operating activities
|
$
|
(9,562
|
)
|
|
$
|
(3,723
|
)
|
Net cash (used in) investing activities
|
(1,513
|
)
|
|
(163
|
)
|
||
Net cash provided by financing activities
|
10,909
|
|
|
251
|
|
|
Payments Due by Period
|
||||||||||||||
|
Total
|
|
Less than
1 Year
|
|
1-3 Years
|
|
More than
3 Years
|
||||||||
Contractual obligations:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating leases
|
$
|
2,432
|
|
|
$
|
633
|
|
|
$
|
1,422
|
|
|
$
|
377
|
|
Wafer purchases
(1)
|
357
|
|
|
357
|
|
|
—
|
|
|
—
|
|
||||
Other purchase commitments
|
1,186
|
|
|
1,169
|
|
|
17
|
|
|
—
|
|
||||
Total contractual cash obligations
|
3,975
|
|
|
2,159
|
|
|
1,439
|
|
|
377
|
|
||||
Other commercial commitments
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revolving line of credit
|
4,000
|
|
|
—
|
|
|
4,000
|
|
|
—
|
|
||||
Capital lease obligations
(3)
|
251
|
|
|
142
|
|
|
109
|
|
|
—
|
|
||||
Total commercial commitments
|
4,251
|
|
|
142
|
|
|
4,109
|
|
|
—
|
|
||||
Total contractual obligations and commercial commitments
(4)
|
$
|
8,226
|
|
|
$
|
2,301
|
|
|
$
|
5,548
|
|
|
$
|
377
|
|
(1)
|
Certain of our wafer manufacturers require us to forecast wafer starts several months in advance. We are committed to accept the delivery of and pay for a portion of forecasted wafer volume. Wafer and finished goods purchase commitments of
$357,000
include firm purchase commitments as of
July 3, 2016
.
|
(2)
|
Other commercial commitments are included as liabilities on our balance sheet as of
July 3, 2016
.
|
(3)
|
For a detailed explanation, see Note 5 to the Condensed Unaudited Consolidated Financial Statements.
|
(4)
|
Total contractual obligations and commercial commitments do not include unrecognized tax benefits of
$36,000
as of
July 3, 2016
. See Note 10 to the Condensed Unaudited Consolidated Financial Statements for more information.
|
Exhibit
Number
|
|
Description
|
10.1
|
|
Resignation Agreement by and between the Company and Andrew J. Pease, dated July 9, 2016
|
10.2
|
|
Contractor Agreement by and between the Company and Andrew J. Pease, dated July 6, 2016
|
31.1
|
|
Certification of Brian C. Faith Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
|
Certification of Suping (Sue) Cheung, Principal Accounting Officer and Corporate Controller, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
|
Certification of Brian C. Faith, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2
|
|
Certification of Suping (Sue) Cheung, Principal Accounting Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
QUICKLOGIC CORPORATION
|
|
|
|
|
|
/s/ Suping (Sue) Cheung
|
Date:
|
August 10, 2016
|
Suping (Sue) Cheung
|
|
|
Principal Accounting Officer and Corporate Controller
(as Principal Accounting and Financial Officer and on behalf of the
Registrant)
|
Exhibit
Number
|
|
Description
|
10.1
|
|
Resignation Agreement by and between the Company and Andrew J. Pease, dated July 9, 2016
|
10.2
|
|
Contractor Agreement by and between the Company and Andrew J. Pease, dated July 6, 2016
|
31.1
|
|
Certification of Brian C. Faith Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
|
Certification of Suping (Sue) Cheung, Principal Accounting Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
|
Certification of Brian C. Faith, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2
|
|
Certification of Suping (Sue) Cheung, Principal Accounting Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
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